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PRESS RELEASE

FOR IMMEDIATE RELEASE

CONTACT

Invitro International

Contact: W. Richard Ulmer

17751 Sky Park East, Suite G

(800) 2-INVITRO

Irvine, CA 92614

http://www.invitrointl.com


INVITRO INTERNATIONAL SALES ADVANCE IN ITS
PROFITABLE FY 2003

NEW GLOBAL PARTNERSHIP BEGINS


Irvine, CA., November 18, 2003----InVitro International (Over the Counter, pink sheets, IVRO) today reported a 5% annual sales increase ('03 vs. '02) to $571,510, with a net profit of $ 11,214. Comparable FY '02 figures were $546,104 in sales, with a net loss of $58,539. IVRO President & CEO, W. Richard Ulmer, said: " We are pleased that for the second time in three years, & only the second time in our company's history, we achieved a profit. However, we are even more excited & proud to announce our new Global Business Relationship with INT.E.G.RA, a partner of Res Pharma S.A. in Milan, Italy. Res Pharma is now, & has been for 25 years, a leading Cosmetics Raw Materials Supplier in Europe & throughout the world. INT.E.G.RA, its laboratory testing business unit, has re-introduced InVitro International's Irritection Assay System dermal & ocular non-animal irritation testing methods over the past 2 1/2 years in Italy & selected other markets. Now together, we will partner in 23 countries across the globe. In addition, we are working with the European Regulatory Authority, ECVAM (European Centre for the Validation of Alternative Methods), to gain approval as an invitro broad screen topical irritancy test method. We expect to gain that approval as Europe approaches the self imposed '09 deadline banning animal testing on cosmetic products. Separately, InVitro International announced that it has agreed to terms with INT.E.G.RA/Res Pharma regarding an equity position in IVRO. No details of that investment were released at this time.


This press release may contain 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: acceptance of the Company's technology by customers or regulatory agencies changes in market conditions and other competitive factors. Any such forward-looking statements are not guarantees of future performance.


CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 

Three months ended
September 30

Twelve months ended
September 30

 

2003

2002

2003

2002

Revenues

173,580

137,762

571,511

546,105

Costs and expenses

152,691

155,386

558,120

606,960

Income (loss) from operations

20,889

(17,624)

11,213

(60,855)

Other income (loss)

1,170

159

4,245

2,314

Net profit (loss)

22,059

(17,465)

15,458

(58,541)

Profit (loss) per common share

0.0014

(0.0012)

0.0010

(0.0040)

Weighted average common
shares outstanding

15,842,809

14,508,972

15,824,809

14,508,972

 


CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

September 30, 2003

September 30, 2002

Cash, cash equivalents and marketable securities

148,274

146,480

Other current assets

 

 

230,125

187,840

Total current assets

 

 

378,399

334,320

Noncurrent assets

 

 

20,014

39,469

Total assets

 

 

398,413

373,789

Current liabilities

 

 

37,359

30,198

Shareholders' equity

 

 

361,055

343,591

Total liabilities and equity

 

 

398,413

373,789


# # #

InVitro International
17751 Sky Park East, Suite G
Irvine, CA 92614

800-2-INVITRO (800-246-8487)
949-851-8356 (International callers)
949- 851-4985 Fax

invitro@invitrointl.com

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